Slovakia PESTLE Insights – A Macroeconomic Outlook Report
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Mining, manufacturing, and utilities contributed 25.4% to the gross value added (GVA) in 2023, followed by financial intermediation, real estate, and business activities (23.0%), and wholesale, retail, and hotel activities (13.2%). In nominal terms, the three sectors are expected to grow by 7.3%, 7.2%, and 7.2%, respectively, in 2024.
Three major regions in Slovakia were home to 75.9% of the country’s population in 2022, according to EuroStat.
PESTLE Insights of the Slovakia Macroeconomic Outlook Report
Political Landscape: According to the World Bank, World Governance Indicators (2022), Slovakia had a strong percentile score in terms of government effectiveness. This measures the quality of public services, the quality of civil service and its independence from political pressures, and others. However, the country needs to focus on security risks, bring policies to tackle the energy crisis, and control political turmoil for a better ranking.
Economic Landscape: The country has a robust banking system, which plays a significant role in economic growth. Due to persistently low-interest rates, fierce interbank rivalry, and rising house prices, the rise in home loans increased during the pandemic year. The three big players (Slovenska sporitelna, VUB Banka, and Tatra banka) hold the majority of banking assets in Slovakia, which places the banking sector in their hands. Slovakia banks are active participants in financial education.
Social Landscape: The nation has been working on its gender gap and human development index. According to the World Economic Forum, Global Gender Gap Report (2022), Slovakia was ranked 67th out of 146 countries, well ahead of other European countries such as the Czech Republic, Hungary, Poland, and Romania. Slovakia has also performed well on various social parameters. According to the UNDP, Human Development Report (2021–22), it was ranked 45th out of 191 nations.
Technological Landscape: The country boasts a strong ICT sector. The country had an average download speed of 58.32 Mbps and an upload speed of 26.71 Mbps in the fixed broadband parameter. Moreover, the country was ranked 45th out of 140 countries on the mobile speed parameter with a download speed of 43.95 Mbps and an upload speed of 11.45 Mbps in October 2022.
Legal Landscape: According to the World Justice Project, Rule of Law Index (2022), Slovakia ranked 33rd out of 139 economies on the rule of law parameter. On the order and security parameter, the nation ranked 15th out of 139 economies. However, according to the World Bank, Ease of Doing Business Report (2020), Slovakia has performed very low on certain parameters which include starting a business. This remains a cause of concern for the business environment in the country.
Environmental Landscape: The country has a strong performance in the environmental performance index. According to the Yale University, Environmental Performance Index (2022), Slovakia ranked 18th out of a total of 180 countries. However, decreasing natural forests is one of the key environmental concerns that the country needs to address.
For more PESTLE insights on Slovakia’s macroeconomic outlook, download a free report sample
Slovakia PESTLE Insights Overview
GDP 2021 | $114.9 billion |
Scope
In April 2023, the European Commission announced allocation of EUR190 million ($206.5 million) to foster development of railway infrastructure in Slovakia.
Key Highlights
The SKSM index has been on a volatile trend. As of December 13, 2023, the index stood at 315.4, compared to 340.2 on December 13, 2022.
Reasons to Buy
Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.
PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations
Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.
This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Slovakia's GDP in 2021?
Slovakia’s GDP was $114.9 billion in 2021.
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What was the rank of Slovakia in the GCRI Q3 2022?
Slovakia ranked 38th out of 153 nations in the GCRI Q3 2022.
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What was the rank of Slovakia in the Global Gender Gap Report (2022) of the World Economic Forum?
According to the World Economic Forum, Global Gender Gap Report (2022), Slovakia was ranked 67th out of 146 countries.
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What was the rank of Slovakia in the Rule of Law Index (2022) by the World Justice Project?
According to the World Justice Project, Rule of Law Index (2022), Slovakia ranked 33rd out of 139 economies on the rule of law parameter.
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